OPEC Raises Forecast for Rival Oil Output

OPEC on Thursday boosted its forecast for 2017 oil-production growth from countries outside the cartel by more than 60%. It is the latest evidence that surging U.S. production is dragging down efforts by the Organization of the Petroleum Exporting Countries to raise oil prices by limiting output. In its monthly report, OPEC raised its estimate of 2017 production growth from non-OPEC producers to 950,000 barrels a day over last year’s…